Tenet Group has appointed Helen Ball as chief executive with immediate effect, with current CEO Mark Scanlon and chief financial officer Martin Tyler to leave the firm.
Scanlon and Tyler will leave with immediate effect, the firm said.
Recent years have proved the worst for Tenet Group. Tenet as Group made a record loss of £21.6 million in 2021. Never in the history of Tenet Group (we checked 15 years), they made that big a loss. Tenet has been in losses in most of their history in past 15 year, but this year (2021) has broken all records.
This huge loss has slashed the equity of Tenet Group to one third reducing from £30.7 million to only £9.1 million. This has very severe consequences for the management and the shareholders. It has basically raised the alarm of going concern for external auditor as well as FCA. As a result, the shareholders have to inject further equity in the company.
As Per FCA register, 110 firms of advisors left Tenet Network in 2022. This is by far more than any network in the UK. On the other hand, only four firms joined Tenet in the year 2022. Keeping in mind the financial situation of Tenet Group and other disturbing news coming from this disturbed network, it is very strange that these four firms joined Tenet.
Scanlon has been chief executive for around four years and, before that, was chief executive at Personal Group for over seven years.
Prior to that, he worked at FMG Support for nearly four years and has also held senior roles at Dyson and BAE Systems.
Tyler has been with the firm for nearly two years and prior to that was a consultant as Sicsic advisory.
He was also CFO at Gelert Group for nearly two years and has had pervious stints at The Tyler Partnership and Howden Insurance Brokers.
Ball, who has had over 40 years’ experience in the sector, was most recently managing director of Tenet and has held the role for around year. Before that, she was distribution and development director for around nine years.
Prior to Tenet, she worked at Sinfonia Asset as a sales and business director for around 11 years and, prior to that, was at Tenet for over three years as a programme director.
The company said that she had previous experience undertaking strategic reviews and had been working on the firm’s review to date so was “ideally placed to pick up the reins”.
‘Strategic review of group’s options’
Philip Hilling, chairman of Tenet, said: “At the end of 2022, we started a strategic review to examine all the group’s options, which included a review of our leadership team, and as a result, we have appointed Helen Ball, due to her wealth of financial services experience.
“As a result, Mark and Martin will be leaving the business. We would like to thank them for their years of service, valuable contribution and wish them well for the future.”
He added: “We are pleased we will be able to have an orderly handover and ongoing continuity through Helen’s promotion. Importantly for colleagues, members and our customers, Helen brings over 40 years’ experience and vast knowledge of the financial services industry, having held numerous positions within Tenet over the last 12 years.
“Helen will provide the strength and stability the business needs, as she works closely with our advisers to conclude the strategic review by the end of May 2023.”
I guess the CEO walked off with a handsome packet. Saw him once wearing shoes with no laces. Says it all!